Prudential
Life insurer growing 11% in Asia-Africa markets by expanding agent networks and bancassurance partnerships.
Prudential reported £2.29 billion earnings in 2024, up 34% year-over-year, with new business profit of $3.07 million (11% growth at constant exchange rates). The company operates in 24 markets across Asia and Africa—geographies where insurance penetration remains low and demand for protection products is growing. This is ecological opportunity: entering markets before competitors establish dominance, when customer acquisition costs are low and regulatory barriers favor first movers.
Agent count increased from 63,000 in H1 2024 to 67,000 in H2—a deliberate expansion of distribution. Insurance in developing markets requires face-to-face explanation; products are complex and trust is local. Agents are the mycelium of the business: distributed across neighborhoods, connecting customers who would never interact with a website to products they need. Bancassurance (insurance sold through bank branches) grew new business profit 31%, with 14 markets posting double-digit increases led by Hong Kong, Singapore, and Taiwan.
The business model shows bet-hedging across markets and products. Life insurance provides death benefits; health insurance covers medical costs; asset management invests premiums. Geographic diversification across 24 markets means regulatory changes in one country (like China's wealth management rules) don't crash the portfolio. Product diversification means pandemics that increase life insurance payouts also boost health insurance sales.
CEO Anil Wadhwani's 2025 guidance targets more than 10% growth in new business profit, basic earnings per share, and operating free surplus. This confidence rests on demographic trends: Asia's growing middle class needs savings vehicles, Africa's young population needs protection. Insurance penetration in Asia is low—huge untapped demand. The strategic positioning is mutualistic: Prudential needs customers, customers need financial security, governments want stable savings pools. The company grows by making all three groups better off, extracting a small margin on each transaction that compounds across millions of policies.